Global acceptance of various solutions provided by RFID technology has been rising steadily and this has a huge impact on the revenue flow from the RFID tags sector.
The revenue from RFID tags dominated the global revenue in RFID technology with figures between 1500 and 2500 million dollars. The emerging technological trend is to design devices having a small form factor with increased features and optimized performance. It is expected that RFID technology would be combined with real time locating systems or Wi-Fi in the coming years. Companies are looking at improving the efficiency of processes like inventory management, control of asset integrity in supply chain management, thereby setting a trend for creating intelligent process controls.
Another face of RFID that is gaining popularity is the wireless sensor networks that make use of active RFID technology. Smart grip data monitoring, vehicle crash monitoring, waste management and monitoring natural disasters are some of the areas the wireless sensor networks prove to be very useful.
However, the risks involved with RFID technology given the current market trend are road blocks in the path to global acceptance. Customers are exercising caution in investing in this industry. The implementation costs of integrating a complete RFID into backend management systems would run into huge amounts. Even though the overall cost for RFID tags has reduced considerably over the years, current costs still are an impeding factor for market growth. The pricing policies adopted by vendors have created a competition that is not very healthy.
Source: http://www.researchandmarkets.com